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    Seven-Story Office Building For Lease Title is generated by Realmo AI

    1699 Wall St, Mt Prospect, IL 60056

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    7-story office building near O'Hare Airport and Northwest Suburbs.

    Type:Office
    Added:
    Aug 3, 2021
    Days on Market:
    1768
    Last Refresh:
    May 12 at 9:11 pm

    Property Features for 1699 Wall St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1981

    Spaces For Lease

    at 1699 Wall St Contact us

    200O $14/Mo

    Size
    311 SF
    Type
    Office
    Contact us

    300 $14/Mo

    Size
    21,470 SF
    Type
    Office
    Contact us

    700 $16/Mo

    Size
    8,674 SF
    Type
    Office
    Contact us

    215 $14/Mo

    Size
    2,427 SF
    Type
    Office
    Contact us

    425 $14/Mo

    Size
    2,776 SF
    Type
    Office
    Contact us

    425 $16/Mo

    Size
    2,776 SF
    Type
    Office
    Contact us

    1 $10/Mo

    Size
    1,761 SF
    Type
    Office
    Contact us

    620 $14/Mo

    Size
    142 SF
    Type
    Office
    Contact us

    518 $14/Mo

    Size
    3,038 SF
    Type
    Office
    Contact us

    401 $16/Mo

    Size
    1,653 SF
    Type
    Office
    Contact us

    119A $22/Mo

    Size
    340 SF
    Type
    Office
    Contact us

    625 $14/Mo

    Size
    1,292 SF
    Type
    Office
    Contact us

    201O $16/Mo

    Size
    183 SF
    Type
    Office
    Contact us

    550C $16/Mo

    Size
    166 SF
    Type
    Office
    Contact us

    550K $14/Mo

    Size
    164 SF
    Type
    Office
    Contact us

    615 $14/Mo

    Size
    1,574 SF
    Type
    Office
    Contact us

    610 $14/Mo

    Size
    3,699 SF
    Type
    Office
    Contact us

    418 $16/Mo

    Size
    756 SF
    Type
    Office
    Contact us

    520 $16/Mo

    Size
    1,335 SF
    Type
    Office
    Contact us

    201J $16/Mo

    Size
    71 SF
    Type
    Office
    Contact us

    LL CR $12/Mo

    Size
    638 SF
    Type
    Office
    Contact us

    215 $16/Mo

    Size
    2,427 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Aug 3, 2021

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Imperial Realty Company

    HighLights

    • Easy access to Chicago, O'Hare Airport, and Northwest Suburbs
    • Abundant parking
    • On‑site management
    • Located 1/4 mile from the Elmhurst Road interchange on I‑90
    • Fiber network available
    • Conference facility on‑site

    Overview

    The seven-story office building at 1699 Wall Street is available for lease in South East Mt. Prospect, offering convenient access to Chicago, O'Hare Airport, and the Northwest Suburbs. The property features unobstructed views, ample parking, on-site management, 5-day janitorial service, HVAC, a fiber network, a conference facility, and on-site storage. A new restaurant is also located on the premises. Situated a quarter-mile north of the Elmhurst Road interchange on the Northwest Tollway (I-90), the building is positioned on Elmhurst Road (IL-83) between Dempster and Oakton. The surrounding area offers a variety of dining options, including T-Bob's Smoked Bar-B-Q, Avanti Café & Sandwich Bar, Mitsuwa Marketplace Food Court, McDonald's, Burger King, Culver's, Jimmy John's, Hibachi Grill & Buffet, KFC, White Castle, and Taco Bell. The property is located near Mount Prospect's newly renovated downtown area, which features updated building facades, brick-paved streetscapes, wrought iron lamp posts, graphically designed street banners, and colorful flower displays.
    Property Profile Location Intelligence

    Current Use by Public Records

    Edward Jones - Financial ... Financial Advisor American Escrow & Closing ... Corporate Office Heil & Kay Insurance ... Insurance Agency Brongus IT Consulting Firm CHICAGO INSTITUTE FOR RATIONAL-EMOTIVE ... Charitable Organization

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mt Prospect
    County
    Cook
    State
    Illinois
    Longitude
    -87.942097
    Latitude
    42.0346003

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    FAQs

    What type of property is this?
    Office building - 7-story office building near O'Hare Airport and Northwest Suburbs.
    Where is this office building located?
    The property is located at 1699 Wall St Mt Prospect, IL.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: Easy access to Chicago, O'Hare Airport, and Northwest Suburbs; Abundant parking; On‑site management
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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